GILBERT, ARIZ. — Nexius Solutions is relocating to a 20,982-square-foot facility in Gilbert. The new space is located at 377 S. Hamilton Court. The end-to-end wireless services provider will relocate from 2601 S. 37th St. in Phoenix. It will take occupancy this month. Nexius was represented by Grady and Jackie Orcutt of Cushman & Wakefield. The unnamed landlord was represented by Commercial Properties.
Office
DOVER, DEL. — A joint venture has purchased seven office buildings from CD Realty Advisors Inc. in Dover for $30 million. Located at 800-861 Silver Lake Blvd., the office park is occupied by the largest concentration of government tenants in Dover. Moshe Mendlowitz of the Goldstone Group, Mark and Chesky Frankel of Lakestar, and west coast philanthropist Shlomo Rechnitz teamed up for the purchase. This deal adds another layer to what is in excess of $500 million in total square footage purchased by Lakestar properties. Rechnitz is the owner of Brius Health Care Services, the largest nursing home provider in California. Shaya Ackerman of Eastern Union Funding arranged a $21.75 million loan from Ladder Capital, locking in three years of interest-only on a 10-year term, with a 30-year amortization schedule. According to Ackerman, the out-clauses in government leases present a risk that can complicate financing. He worked with Ladder Capital to minimize that risk.
HAMPTON, VA. — A10 Capital has provided a $5.2 million acquisition loan for a Class B suburban office building in Hampton, located in the Virginia Beach-Norfolk metro area. Chuck Taylor of A10 Capital structured and closed the loan on behalf of the borrower, which will use the loan to both acquire the property and fund future capital expenditures and tenant improvement costs. The office building was 35.5 percent leased at the time of closing. Vincent Hughes of iCap Realty Advisors/Q10 arranged the loan.
SCHAUMBURG, ILL. — The Missner Group has acquired two single-story office properties totaling 75,000 square feet in Schaumburg, a northwest suburb of Chicago. The buildings are located at 1 E. Commerce Drive and 55 E. Commerce Drive and are situated on seven contiguous acres. Omron Global, an automation company, placed the properties on the market in 2013 upon announcing its planned consolidation and relocation to Hoffman Estates.The buildings, which measure 52,000 square feet and 23,000 square feet, recently underwent interior and exterior improvements. Each building offers a parking ratio of four stalls per 1,000 square feet. Edward Adler led the acquisition of the properties on behalf of The Missner Group and was represented by Jason Simon of Colliers International. Andrea Van Gelder and Sean Reynolds of JLL represented Omron in the disposition.
MALVERN, PA. — Saint-Gobain has selected a 65-acre site at 20 Moores Road in Malvern as the site of its new North American headquarters. The site will be completely redeveloped as a LEED-certified facility for Saint-Gobain and its North American construction materials subsidiary, CertainTeed Corp. Binswanger represented Saint-Gobain in the site search and negotiation of a long-term lease for the property. Binswanger also brokered the sale of the two organizations’ current headquarters in Valley Forge, Pa. In total, the relocation will bring approximately 120 additional employees to Chester County and will raise the company’s total employee count at the new headquarters to more than 800. The redevelopment of the campus, formerly occupied by Aegon Group, will be executed by E. Kahn Development Corp., which will also acquire the current headquarters site in Valley Forge. Completion is slated for fall 2015. Binswanger’s Project Management Group will represent Saint-Gobain as its advisor and project coordinator through the construction and redevelopment of the site.
FLOWER MOUND, TEXAS — Stage Equity Partners LLC has acquired two adjacent medical office buildings totaling 34,910 square feet in the northern Metroplex suburb of Flower Mound. The facilities, located at 4921 and 4951 Long Prairie Road, are fully leased to seven different medical practices, including Texas Health Resources, USMD, OrthoTexas and Flower Mound Vein Center. Stage Equity Partners, a Chicago-based healthcare real estate investment firm, purchased another medical office building in the southern Metroplex suburb of Cleburne. The principals of OrthoTexas sold the assets in Flower Mound, then leased back the space occupied by their practice. American Momentum Bank provided acquisition financing to Stage Equity Partners for the transaction.
AUSTIN, TEXAS — Whiddon Development Inc. has acquired a 14,000-square-foot office building in Austin. The property is located on more than four acres at 1005 E. St. Elmo St., and Whiddon plans to build out the site as an approximately 70,000-square-foot business park consisting of several freestanding buildings. Blair Helgren of Woodland Property Group represented the buyer, and Jonathan Stilley of SBR Associates represented the unnamed seller.
SAN DIEGO – Convoy Business Center, a 27,909-square-foot office building in the San Diego submarket of Kearny Mesa has sold to Central Data Services for $3.8 million. The building is located at 7071 Convoy Court. It was built in 1973 and renovated in 2012. It was about 63 percent leased at the time of sale. Central Data was represented by Jon Boland and Garrett Fena of Voit Real Estate Services. The seller, Self Procured Properties, was represented by CBRE’s Paul Lafrenz and Melissa Foster.
WASHINGTON, D.C. — HFF has arranged the sale and acquisition financing for a 31,340-square-foot office building located at 450 H St. N.W. in Washington, D.C. The office building is fully leased to the District of Columbia’s Department of Youth Rehabilitation Services for the next 11 years. Dek Potts, Andrew Weir, Jim Meisel, Steve Conley, Matt Nicholson and Dave Baker of HFF represented the seller, Brookfield Real Estate Opportunity Fund, an affiliate of Brookfield Asset Management. Dan McIntyre of HFF arranged the 10-year acquisition loan through a CMBS lender on behalf of the buyer, an affiliate of Harbor Group International. The buyer plans to remodel the property in the second quarter in hopes to achieve LEED certification.
CHICAGO — Reed Construction has completed 16,000 square feet of speculative office suites in Chicago’s Wrigley Building for Zeller Management Corp. The 502,000-square-foot property is located at 400 N. Michigan Ave. The build-out on the 7th floor of the building included the construction of walls, ceilings and glass office fronts. The divisible space features open workspace, private offices, conference rooms and pantries. Jason Gunderson was the senior project manager for Reed Construction. Griskelis Young & Harrell provided the architectural services. Zeller Realty Group is the leasing agent for the property. The Wrigley Building was constructed in 1921.